| (a) Donation agreement. Prior to accepting any donation, the offeree and the commissioner or the commissioner's designee shall execute a donation agreement that includes the following information: (1) the name of the offeree; (2) a description of the donation, including a determination of the value; (3) a statement by the offeree attesting to its ownership rights in the property, including intellectual property ownership rights; (4) the signature of the offeree if the offeree is an individual or its official representative if the offeree is a business organization; (5) the signature of the commissioner or the commissioner's designee; (6) the purpose of the donation; (7) the mailing address of the offeree and principal place of business if the offeree is a business entity; (8) a statement identifying any official relationship between the offeree and the department; (9) a statement identifying whether the disclosures required by §3.9304 and §3.9305 of this subchapter (relating to Limitations on Offeree and Donors and Limitations on Entities Subject to Department Regulation) are applicable to the offeree, and, if so, whether the offeree has tendered the disclosures to the department in a form acceptable to the department; and (10) a statement advising the offeree to seek any desired legal and/or tax advice from its own legal counsel. (b) Grants. The commissioner or the commissioner's designee may accept grant money only after the offeree and the commissioner or the commissioner's designee have executed the donation agreement required in subsection (a) of this section. (c) Deposited funds. The commissioner or commissioner's designee shall deposit in accordance with state law all monetary contributions received from donations made pursuant to the Insurance Code §524.005 and shall use all such contributions for purposes consistent with §524.005. |
